Ship Investment Company Act.docx

Ship Investment Company Act.docx

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ShipInvestmentCompanyAct

ShipInvestmentCompanyAct

Chapter1Preamble

Article1（Purpose）

Thisactwillstipulatetheissuesonestablishmentof“ShipInvestmentCompany”andshipoperationtoprovideinvestorswithadequateinvestmentopportunitiesinshipandtoactivateinvestmentsonvesselsinthecapitalmarket,therebyestablishingthegroundworkforthedevelopmentofthemaritimeindustryandultimatelycontributingtothedevelopmentofthenationaleconomy.

Article2（DefinitionofTerms）

ThedefinitionoftermsusedintheActisinthefollowing.

1.“Shipinvestmentcompany”referstothepartythatisinvolvedinshipinvestmentbusinesswiththeapprovaloftheMinisterofMaritimeAffairsandFisheriesundertheAct.

2.“Shipinvestmentmanagementcompany”referstothepartywhosemainbusinessistooperateandmanagethevesselwiththecommissionoftheshipinvestmentcompany,andreferstothepartythatisregisteredtotheMinisterofMaritimeAffairsandFisheriesundertheprovisionofArticle38.

3.“Custodycompany”referstothetrustcompanybasedonTrustLaw（includingfinancialinstitutionswhichoperatestrustbusinesssuchasbankontheregulationsection28intheBankingLaw）whichtakecommissionfromshipinvestmentcompany,custodyitsassetsandoperatingitsbusiness.

4.“Shipoperatingcompany”referstothepartywhouseavesselofashipinvestmentcompanyunderacharteringcontract.

Article3（Corporation）

1Shipinvestmentcompanyshallbeacorporation.

2Shipinvestmentcompany（includingforeignsubsidiaryundertheParagraph（3））shallpossessonlyonevesselandshallnotsubstituteitintoanothervesselduringitsexistence.

3ShipinvestmentcompanyshallbeallowedtoestablishitsforeignsubsidiaryincasewhereitisdeemedtobenecessarytoperformthescopeofbusinessworkunderArticle24.Inthiscase,thebusinessworkoftheforeignsubsidiaryshallbedeemedtobeperformedbytheshipinvestmentcompany.

4Shipinvestmentcompanyshallnothavebranchesexceptforheadoffice,andshallnothaveemployeesorfull-timestaff.

Article4（ApplicationoftheCommercialLaw）

Exceptforthecasesthatarestipulatedotherwise,shipinvestmentcompanyshallbesubjecttotheCommercialLaw.

Article5（Restrictiononusingsimilarcompanyname）

1Nameoftheshipinvestmentcompanyshallincludethetitleofshipinvestmentcompany.

2CompaniesthatarenotshipinvestmentcompanyundertheActshallnotusethetitleofshipinvestmentcompanyorothersimilarname.

Chapter2Establishment,approval,andissuanceofstocks

Section1Establishment

Article6（Duration）

ThedurationofshipinvestmentcompanyshallbemorethanfiveyearsfromthedaythattheapprovalofshipinvestmentbusinessismadeundertheArticle13.

Article7（Promoter）

1Thosewhofallunderoneofthefollowingsubparagraphsshallnotbequalifiedforpromoter.

1.Personunderage,incompetentandsemi-incompetentpersons;

2.Abankruptwhohavenotyetbeenreinstated;

3.Personwhohasbeensentencedtoimprisonmentand2yearshasnotbeenpassedfromthedayofthecompletionoftheexecution（includingthecasesthattheexecutionisregardedtobecompleted）orexemption.

4.Personwhohasbeensentencedtoimprisonment,orwhohasbeensubjecttoafineunderthisActorunderotherlawsandregulationsonmaritimeaffairsandfinancialissues（Thisshallincludesimilarlawandregulationsofforeigncountries,anditshallbesameinthefollowings）,and2yearshavenotyetpassedafterthecompletionoftheexecution（includingthecasesthattheexecutionisregardedtobecompleted）orexemption;

5.Personwhoisgrantedastayofexecutionandisstillonprobation;

6.Executivesoremployeesofcorporationorcompanythatbusinesspermission,approvalorregistrationiscancelledundertheAct,orunderotherlawsandregulationsonmaritimeaffairsandfinancialissues（Personswhohavedirectresponsibilitiesorcorrespondingresponsibilityforthereasonsofcancellationoftheapprovalandothersshallbeincluded,anditshallbesubjecttothePresidentialDecree）andfiveyearshavenotyetpassedaftercancellationforthecorporationorcompanyismade;

7.PersonswhoisdischargedordismissedfromtheofficefortheviolationoftheAct,orotherlawsandregulationsonmaritimeaffairsandfinancialissues,andfiveyearshavenotyetpassedsincethen.

2PromotershallacquirethestocksoutoftotalcapitalamountingtotheratiosetbythePresidentialDecreewithintherangeof30/100ofissuingshares

Article8（Articlesofincorporation）

1Promotershallestablisharticlesofincorporationandfillinthefollowingdetails.Allpromotersshallsignandsealthedocument.

1.Purpose

2.Nameofthecompany

3.Totalnumberofsharestobeissued

4.Per-shareprice

5.Totalnumberofsharesissuedatthetimeofestablishment

6.Durationperiod

7.Limitsofborrowingsandbondissuance

8.Guidelinesofassetmanagement

9.Detailsonprofitallocation,andchanges（increaseordecrease）ofcapital

10.Locationofcompany

11.Notificationmethod

12.Standardsofremunerationfordirectorsandauditors

13.Overviewofassetmanagementtrustagreementtobesignedwithshipinvestmentmanagementcompany（includingthestandardsofremunerationtobepaidtoshipinvestmentmanagementcompany）

14.Overviewofassetcustodyagreementtobesignedwithassetcustodycompany

15.Outlinesoftheagreementonshipbuilding,salesandchartering

16.Titleornameofpromoter,corporationregistrationnumberorresidentidentificationnumberandaddress

17.OtherissuessetunderthePresidentialDecree

2Thetotalnumberofsharesstipulatedinsubparagraph5ofParagraph

（1）canbesetundermaximumorminimumlimits.

Article9（Subscriptionforstockacquisition）

1Promotershallprovidetheprospectusthatexplainsthepurposeofestablishment,charteringplan,andfactssetbythepresidentialdecreetothepotentialinvestorswhentheyproposethesubscriptionofissuingstocksatthetimeofestablishmentofshipinvestmentcompany.

2Promotershallwritestocksubscriptionformthatincludeseachofthefollowingdetailsandshallprovideittothepartiesthatapplyforstocksubscriptionofthecompanyatthetimeofestablishment.

1.DetailsstipulatedintheArticle8

2.ReasonsfordissolutionwhenitisstipulatedintheArticlesofIncorporation

3.Thekindandnumberofsharestobeacquiredbythepromoters.

4.Methodofstockallocationandpaymentdateforthesharesissuedatestablishment

5.Financialinstitutionsandpaymentplaceforstockpayment

6.Nameandaddressofcandidatesofdirectorsandauditors

7.Issuesonfundprovision

8.Nameandaddressofshipinvestmentmanagementcompanyforbusinesscustody

9.Nameandaddressofthecompanythatwillsignanagreementonshipbuilding,salesandchartering

10.Incasethatthenumberofsharesthatsubscriptionismadeislessthanthatofsharesissuedatthetimeofestablishment,shipinvestmentcompanycancanceltheestablishmentofthecompany

11.IncaseshipinvestmentcompanyisnotestablisheduntilaspecifieddeadlineoriftheMinisterofMaritimeAffairsandFisheriesdoesnotgrantapprovalundertheprovisionsoftheAct,thepersonwhomadethesubscriptionforthesharescancancelthesubscription

12.Inothercaseinvolvedshareholder’sinterestsetbythepresidentialdecree

Article10（Limitofincompleteestablishment）

TheshipinvestmentcompanycannotbeestablishedbyinvestmentinkindinspiteofParagraph2ofArticle290inCommercialLaw.

Article11（Candidatesfordirectorsandauditors）

1Thecandidatesfordirectorandauditorswritteninsubscriptionformshallberegardedtobeappointedforthejobatthetimeofclosingtheshareallocation.

2Thedirectorsandauditorsshallacquiretheapprovalfromtheinauguralmeeting.

Article12（Organizingregistration）

1Theissuessubjecttoorganizingregistrationareinthefollowings.

1.IssuesthatarestipulatedinSubparagraphs1~3,5,6,10,and11ofParagraph1,Article8;

2.Detailswhenthereasonsfordissolutionofshipinvestmentcompanyarestipulatedinthearticlesofincorporation;

3.Nameandaddressofagentfortitletransfer;

4.Nameandresidentidentificationnumberofdirector;

5.Name,residentidentificationnumber,addressofthedirectorthatrepresentstheshipinvestmentcompany;and

6.Thebackgroundbehindthecasewhenseveraldirectorsjointlyrepresenttheshipinvestmentcompanyasstipulatedinthearticlesofincorporation

2IncaseorganizingregistrationismadedocumentsasspecifiedinthePresidentialDecreeshallbeattached.

Section2Approval

Article13（Approvalofshipinvestmentbusiness）

1ShipinvestmentcompanythatdesirestobeinvolvedinshipinvestmentbusinessunderParagraph2ofArticle24shallacquiretheapprovaloftheMinisterofMaritimeAffairsandFisheries.TheapprovaloftheMinistershallbealsorequiredincasethattheapprovedissuesneedchange.

2TheMinisterofMaritimeAffairsandFisheriesshallrevieweachofthefollowingdetailsfortheapprovalasstatedinParagraph

（1）.

1.ShipinvestmentcompanyisestablishedlawfullyundertheAct;

2.Businessplanshallbeconcrete,reasonableandsound;

3.Theagreementsignedwithshipinvestmentmanagementcompanyandassetscustodycompanybyshipinvestmentcompanyshallbereasonable;

4.Theagreementoncharteringsignedbetweenshipoperatingcompanyandshipinvestmentcompanyshallbeappropriate;and

5.OtherissuessetunderthePresidentialDecree

3IncasetheMinisterofMaritimeAffairsandFish